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Consequence Pilot Level Trading

  • #321
  • Sep 16, 2014 3:52am Sep 16, 2014 3:52am
So say you enter at #1 EL and PA goes up but not enough to TP. Then PA drops for a while but not enough to stop out the trade. Now there is another EL @ #2. Would you now increase you TP to include the TP level of the #2 trade (if price broke above though hasn't happened in example yet) or would you just be happy to take the #1 trade TP level? Hope makes sense.
Attached Image
As the lights go by so too do the shadows move
  • #322
  • Sep 16, 2014 3:59am Sep 16, 2014 3:59am
Quoting Matts Micro
So say you enter at #1 EL and PA goes up but not enough to TP. Then PA drops for a while but not enough to stop out the trade. Now there is another EL @ #2. Would you now increase you TP to include the TP level of the #2 trade (if price broke above though hasn't happened in example yet) or would you just be happy to take the #1 trade TP level? Hope makes sense. {image}

ic thanks for clarification... and a good valid question.

the answer is: one trade out of time.. I wait for trade #1 to conclude before doing anything else.
so on adding on or changing the tp or add to position.
Passion, Persist, Patience, Protect
  • #323
  • Sep 16, 2014 4:06am Sep 16, 2014 4:06am
watch the current action off the Geman news..

this is why you dont want to be involved to be triggered at the release or have on going trade...

10 minute prior to, I deleted the short pending and some time before that I closed my on going long trade.

if i had not done so... i would have been whiplashed like crazy with pending short triggered and long still alive... the kind of positions that you dont want to be in for sure.


live example of such news situation.
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Passion, Persist, Patience, Protect
  • #324
  • Sep 16, 2014 4:18am Sep 16, 2014 4:18am
Quoting FXEmpire
{quote} ic thanks for clarification... and a good valid question. the answer is: one trade out of time.. I wait for trade #1 to conclude before doing anything else. so on adding on or changing the tp or add to position.
Yah thanks, was hovering around this assumption, no need to add risk when can clearly bag one full trade.

Cheers.

ps. Nice eg. of why not to be scalp trading around news. It's something newbies really need to take note of and get in habit of checking news feed at start of day and before opening a trade.
As the lights go by so too do the shadows move
  • #325
  • Sep 16, 2014 4:42am Sep 16, 2014 4:42am
Took action on the same buy EL after news dust had settled... but it just did not move, with already indication of being stuck previous time so I close it for BE..

moving on..
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Passion, Persist, Patience, Protect
  • #326
  • Edited 5:31am Sep 16, 2014 4:55am | Edited 5:31am
bastard finally give it upward... it's fine you all can call me the P word now, lol

I may have been a bit extra defensive on that one... i just did not like the duration of not much movement it was showing.. which is such cases it will burst one way or other, i did not want to risk that even though the long move was favorable.. oh well.
I like more of sure thing..
Passion, Persist, Patience, Protect
  • #327
  • Sep 16, 2014 5:00am Sep 16, 2014 5:00am
All trade today...clear EL and TP

ps: i started even @ asian session...i hv test it on past data, its posible to do it(i am do on my own risk since not recomended by the rule)
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While knowledge speak up, the wisdom listen down
  • #328
  • Sep 16, 2014 5:08am Sep 16, 2014 5:08am
Quoting FXEmpire
bastard finally give it upward... it's you all can call me the P word, lol I may have been a bit extra defensive on that one... i just did not like the duration of not much movement it was showing.. which is such cases it will burst one way or other, i did not want to risk that even though the long move was favorable.. oh well. I like more of sure thing..
I kept mine open (5.5 pips)... easy to do a $30 demo account hehe. My plan is to trade many trades so I can get confident with system.
As the lights go by so too do the shadows move
  • #329
  • Sep 16, 2014 5:11am Sep 16, 2014 5:11am
This one may fly

Edit: careful though at strong resistance though imo.
As the lights go by so too do the shadows move
  • #330
  • Sep 16, 2014 5:18am Sep 16, 2014 5:18am
Quoting Matts Micro
This one may fly Edit: careful though at strong resistance though imo.
I'm out 5.8, may continue but as per system not worth risk
As the lights go by so too do the shadows move
  • #331
  • Sep 16, 2014 5:24am Sep 16, 2014 5:24am
back from lunch... i see this upward move is continuing...
Passion, Persist, Patience, Protect
  • #332
  • Sep 16, 2014 5:28am Sep 16, 2014 5:28am
Quoting Matts Micro
{quote} I kept mine open (5.5 pips)... easy to do a $30 demo account hehe. My plan is to trade many trades so I can get confident with system.
sound like a good plan.. however matt, i suggest to practice this on a small live account.. like 300 bucks or something and go for micro lot.

just a humble suggestion.
Passion, Persist, Patience, Protect
  • #333
  • Sep 16, 2014 5:42am Sep 16, 2014 5:42am
Quoting FXEmpire
{quote} sound like a good plan.. however matt, i suggest to practice this on a small live account.. like 300 bucks or something and go for micro lot. just a humble suggestion.
yah, I will be thanks mate

I have a few old accounts with between $50 to $240. I plan to try to build one of these accounts up to a point where I care


Just shorted @ 1.29487 for +5 (normally like 5.7+ for payment of commission but was looking risky).
As the lights go by so too do the shadows move
  • #334
  • Sep 16, 2014 5:42am Sep 16, 2014 5:42am
short good for 4 pips.. this is a strong move where it slipped me pretty good at trigger time, about a pip..
I closed it as soon as i saw weakness.. since it has moved so much all in one shot, it could be due for a PB.. so bank now and get on later off the PB sounds like a good plan...
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Passion, Persist, Patience, Protect
  • #335
  • Sep 16, 2014 5:59am Sep 16, 2014 5:59am
Quoting Matts Micro
{quote} yah, I will be thanks mate I have a few old accounts with between $50 to $240. I plan to try to build one of these accounts up to a point where I care Just shorted @ 1.29487 for +5 (normally like 5.7+ for payment of commission but was looking risky).
sounds good Matt..

but here is a prefect example of demo vs real account..

We both traded the same level... what do i get vs you!!.. a different fill.. different result (me 4pips and you 5pips).. i got slipped 1pip... why?.. bcz it's real money, real order that they need to fill. Now on this small TE account of 4k I got slipped 1 pip.. on my large account i got slipped 1.4... why? the size also makes a difference.
now this is all normal no way around it and it happens with most if not all brokers/banks... when there is heat triggers will get slipped.. I was even expecting that.

all this small little things could throw a plan off and as a trader if not prepared for it... one needs to have plenty of experience of this kind of situation under the belt that has nothing to do with the strategy but plays a big role bcz in the end bottom line is the only thing that matters.
Passion, Persist, Patience, Protect
  • #336
  • Sep 16, 2014 6:49am Sep 16, 2014 6:49am
Hallo Empire,
why did you buy at this level... did i miss an EL?

EUR/USD Buy 1.2946
  • #337
  • Sep 16, 2014 7:07am Sep 16, 2014 7:07am
Quoting FXEmpire
{quote} sounds good Matt.. but here is a prefect example of demo vs real account.. We both traded the same level... what do i get vs you!!.. a different fill.. different result (me 4pips and you 5pips).. i got slipped 1pip... why?.. bcz it's real money, real order that they need to fill. Now on this small TE account of 4k I got slipped 1 pip.. on my large account i got slipped 1.4... why? the size also makes a difference. now this is all normal no way around it and it happens with most if not all brokers/banks... when there is heat triggers will...
Yeps fully aware of this cheers mate, your 1 pip of slippage is a perfect example

Sorry just re-read what I wrote and noticed I didn't mention the accounts I intend to use are live accounts.

I once tried a scalping EA that made a million within 2 years from 10k. The strat was perfect and the trades were legit. The only prob I had when I moved to a live account was the slippage and it failed bad. I still want to use it as it still works... I am tempted to retry since mt4 build 600 introduction as the execution time is decreased.
As the lights go by so too do the shadows move
  • #338
  • Sep 16, 2014 7:10am Sep 16, 2014 7:10am
+4.5 winner on the last long trade.. this one just required some patience.. I risked holding it for the NY open bcz it had not presented much of threat, nice little bounce earlier from DO, and was at the BE position at the open... grateful it went in my favor.
daily target is meet on my 6th trade.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD.IM5.png Size: 102 KB
Passion, Persist, Patience, Protect
  • #339
  • Sep 16, 2014 7:15am Sep 16, 2014 7:15am
Quoting bachiano
Hallo Empire, why did you buy at this level... did i miss an EL? EUR/USD Buy 1.2946
Hi bachiano
Couple of times on that area... once before the German news at 45.. and I gave it shot after the news at 46.. 2nd time I went with its recent close.
zoom in on my charts and you should see it clearly..
Passion, Persist, Patience, Protect
  • #340
  • Sep 16, 2014 7:16am Sep 16, 2014 7:16am
Quoting FXEmpire
+4.5 winner on the last long trade.. this one just required some patience.. I risked holding it for the NY open bcz it had not presented much of threat, nice little bounce earlier from DO, and was at the BE position at the open... grateful it went in my favor. daily target is meet on my 6th trade. {image}
Good entry, I screwed mine up and took it off the long wick (10 min ago). Currently -1.1 so still has a chance.
As the lights go by so too do the shadows move
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